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Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables)
 3 Months Ended
Mar. 31, 2023
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
Deferred Policy
Acquisition Costs
Fixed Index Annuities and
Fixed Rate Annuities
(Dollars in thousands)
Pre-adoption 12/31/2020 balance$2,225,199 
Adjustments for the removal of shadow adjustments1,183,306 
Post adoption 1/1/2021 balance$3,408,505 
The following tables present the balances and changes in deferred policy acquisition costs:
Three Months Ended March 31, 2023
Fixed Index AnnuitiesFixed Rate AnnuitiesSingle Premium Immediate Annuities
(Dollars in thousands)
Balance, beginning of year$2,649,322 $120,105 $4,216 
Capitalizations54,803 11,949 16 
Amortization expense(60,801)(7,247)(188)
Balance, end of period$2,643,324 $124,807 $4,044 
Year Ended December 31, 2022
Fixed Index AnnuitiesFixed Rate AnnuitiesSingle Premium Immediate Annuities
(Dollars in thousands)
Balance, beginning of year$2,906,684 $151,322 $4,198 
Write-off related to in-force ceded reinsurance(196,417)(7,209)— 
Capitalizations193,988 4,424 663 
Amortization expense(254,933)(28,432)(645)
Balance, end of period$2,649,322 $120,105 $4,216 
The reconciliation of the deferred policy acquisition costs to the deferred policy acquisition costs in the consolidated balance sheets is as follows:
Deferred Policy Acquisitions Costs
March 31, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,643,324 $2,649,322 
Fixed Rate Annuities124,807 120,105 
Single Premium Immediate Annuities4,044 4,216 
Total$2,772,175 $2,773,643 
Deferred Sale Inducement Cost
Deferred Sales
Inducements
Fixed Index Annuities and
Fixed Rate Annuities
(Dollars in thousands)
Pre-adoption 12/31/2020 balance$1,448,375 
Adjustments for the removal of shadow adjustments768,310 
Post adoption 1/1/2021 balance$2,216,685 
The following tables present the balances and changes in deferred sales inducements:
Three Months Ended March 31, 2023
Fixed Index AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,017,960 $27,723 
Capitalizations45,266 — 
Amortization expense(45,786)(814)
Balance, end of period$2,017,440 $26,909 
Year Ended December 31, 2022
Fixed Index AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,088,591 $31,370 
Capitalizations107,683 8 
Amortization expense(178,314)(3,655)
Balance, end of period$2,017,960 $27,723 
The reconciliation of the deferred sales inducements to the deferred sales inducements in the consolidated balance sheets is as follows:
Deferred Sales Inducements
March 31, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,017,440 $2,017,960 
Fixed Rate Annuities26,909 27,723 
Total$2,044,349 $2,045,683